US to match Saudi Arabia as biggest oil exporter on back of Texas shale boom

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The US will rival Saudi Arabia as the world’s biggest exporter of oil products within five years as shale output achieves explosive growth, catapulting America into strategic dominance of the global energy system.

The International Energy Agency said US shale oil will make up 70pc of the extra global crude supply by 2024, eating into the market share of Opec and Russia.

America will add 4m barrels per day (bpd) of oil, mostly from the prolific Permian Basin in Texas. Total gross exports of crude and petroleum products will surge to 9m bpd.

“Annual gains will boost the US to levels never seen in any country, in excess of maximum capacity in both Russia and Saudi Arabia,” said the IEA in its five-year...